It seems highly unlikely that it is. It would be far too big a risk, because of what would happen if it did emerge that such operations were taking place, even under the strict secrecy of the De la Rue company.

Besides, lack of suitable banknotes would rank well down the list of difficulties if the euro suddenly ceased to be the national currency. We could manage using euro notes for a while. The same might not be true of keeping the banking system afloat, or finding the money to run the country.

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